Baidu released an official announcement on the Hong Kong Stock Exchange, detailing its submission of a proposal to spin off its subsidiary, Kunlunxin, for listing in accordance with Listing Rule PN15. The Hong Kong Stock Exchange has given the green light, confirming that Baidu can proceed with this strategic move. On January 1st, Kunlunxin, with the assistance of its joint sponsors, confidentially filed Form A1 with the Hong Kong Stock Exchange, formally applying for the listing and trading of its shares on the exchange's Main Board.

The envisioned plan involves a global offering of Kunlunxin shares, encompassing both a public offering in Hong Kong, open to individual investors for subscription, and a private placement targeting institutional and professional investors. As of the announcement date, Kunlunxin operates as a non-wholly owned subsidiary of Baidu. Post-spin-off, it is anticipated that Kunlunxin will maintain its subsidiary status under Baidu's corporate umbrella.